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The job of an Insurance Broker is to help his client to identify the risks that he/she can be exposed to. The Broker advises a client on the type of insurance policies available and the risks and also canvasses the insurance market to obtain competitive rates for the client. Upon agreement, the Broker will now place the Insurance cover with a chosen Insurance Company.

A cover note and certificate of Insurance are issued to motor policy holders in accordance with Road Traffic Act which stipulates that any person who put his vehicle on the road should have a valid Third party or Act only policy to take care of his legal liability to third party property damage, bodily injury or death.

The Nigerian Insurance market is structured as below:
(a). The buyers of Insurance (insured) are Government, Financial Institutions, Manufacturers, Construction Companies, Oil and Gas Companies etc. 
(b.) The sellers of Insurance (insurers) are Life Companies, General Companies, Composite Companies and Re-insurers.
(c) The Intermediaries are Agents and Insurance Brokers.
(d) The Loss Adjusters and Insurance Superintendent.

Insurance is a common pool and the premium you pay is put into the pool. It is only those who suffer a loss that will be paid or indemnified.